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Terra-led JV secures $507M construction loan for Miami Beach condo tower
The 28-story, 106-unit development at 1250 West Avenue is planning pre-sales to begin next year, before the construction financing season typically required sales thresholds.
Commercial Observer reports that a Terra-led partnership has obtained a $507 million construction loan for a waterfront condo tower in Miami Beach.
The financing, provided by Adi Chugh’s Tyko Capital, will fund the 28-story, 106-unit development at 1250 West Avenue on South Beach’s western waterfront facing Biscayne Bay.
The outlet notes that pre-sales are set to start next year, an approach described as unusual for luxury condo projects in South Florida because lenders typically require a sales threshold before releasing construction funds.
Commercial Observer adds that Tyko Capital’s debt platform is backed by Elliot Management, and the new tower will replace a 15-story condo building built in 1964.